To lease or month to month?

[Loreen Flaherty]

I am just beginning with a single family home? Is it better to offer a yearly lease or month to month for tenants? It's a nice location and will attract respectable tenants ( hopefully)

[Tim Booz]

We do yearly leases, with 90-60 day notice of renewal/response. If they'd like to stay we renew again for another year. The only exception is if we have someone that wants to stay for a definite extras term, say 3 months - and it doesn't leave us with a vacancy in a bad time of year. Winter here in Northern NJ is not an ideal time to move.

I personally like the year lease option because it gives us relative peace of mind that we won't have to find new tenants for at least a year, hopefully longer.